Trane Technologies plc $TT Stake Lessened by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management trimmed its Trane Technologies stake by 3.3% in Q4, selling 69,855 shares and now holding 2,036,142 shares (≈0.92% of the company), valued at about $792.6 million and ranking as its 21st largest position.
• Analyst sentiment remains favorable: MarketBeat shows a consensus "Moderate Buy" with an average price target of $492.94 and multiple recent upgrades, including Citigroup/KeyCorp to $525 and Evercore initiating at $535.
• Insiders have been selling, with executives (including the CFO and CEO) disposing of a total 57,997 shares (~$25.1M) last quarter; insiders now own just 0.14% while institutional investors hold about 82.97% of the stock.

Pictet Asset Management Holding SA lessened its holdings in Trane Technologies plc (NYSE:TT - Free Report) by 3.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,036,142 shares of the company's stock after selling 69,855 shares during the period. Trane Technologies comprises approximately 0.8% of Pictet Asset Management Holding SA's portfolio, making the stock its 21st biggest position. Pictet Asset Management Holding SA owned about 0.92% of Trane Technologies worth $792,567,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. Aptus Capital Advisors LLC increased its stake in shares of Trane Technologies by 169.8% in the third quarter. Aptus Capital Advisors LLC now owns 14,738 shares of the company's stock worth $6,219,000 after acquiring an additional 9,276 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in Trane Technologies during the third quarter valued at $6,571,000. Nordea Investment Management AB boosted its position in Trane Technologies by 2.4% during the third quarter. Nordea Investment Management AB now owns 2,513,508 shares of the company's stock valued at $1,051,049,000 after purchasing an additional 57,774 shares during the last quarter. Boston Common Asset Management LLC purchased a new position in Trane Technologies in the third quarter valued at about $9,546,000. Finally, Compass Wealth Management LLC increased its position in Trane Technologies by 3,785.4% in the 3rd quarter. Compass Wealth Management LLC now owns 27,198 shares of the company's stock worth $11,476,000 after purchasing an additional 26,498 shares during the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on TT shares. Citigroup lifted their price target on Trane Technologies from $513.00 to $525.00 and gave the company a "buy" rating in a report on Friday, January 30th. Royal Bank Of Canada raised their price objective on shares of Trane Technologies from $469.00 to $470.00 and gave the company a "sector perform" rating in a research report on Friday, January 30th. Weiss Ratings reiterated a "buy (b)" rating on shares of Trane Technologies in a research note on Monday, April 20th. KeyCorp increased their price target on shares of Trane Technologies from $500.00 to $525.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 21st. Finally, Evercore initiated coverage on shares of Trane Technologies in a report on Monday, April 13th. They set an "outperform" rating and a $535.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $492.94.

Trane Technologies Stock Up 0.1%

Shares of TT stock opened at $486.88 on Monday. The stock's 50 day simple moving average is $445.72 and its 200 day simple moving average is $423.55. Trane Technologies plc has a twelve month low of $343.09 and a twelve month high of $490.15. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.92 and a current ratio of 1.25. The company has a market capitalization of $107.66 billion, a price-to-earnings ratio of 37.51, a PEG ratio of 2.56 and a beta of 1.21.

Trane Technologies (NYSE:TT - Get Free Report) last released its earnings results on Thursday, January 29th. The company reported $2.86 earnings per share for the quarter, topping analysts' consensus estimates of $2.81 by $0.05. Trane Technologies had a net margin of 13.69% and a return on equity of 36.34%. The firm had revenue of $5.14 billion during the quarter, compared to analyst estimates of $5.09 billion. During the same quarter in the previous year, the business earned $2.61 EPS. The business's revenue was up 5.6% on a year-over-year basis. As a group, research analysts predict that Trane Technologies plc will post 14.75 EPS for the current year.

Trane Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Friday, June 5th will be given a dividend of $1.05 per share. This represents a $4.20 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Friday, June 5th. Trane Technologies's payout ratio is currently 32.36%.

Insiders Place Their Bets

In other Trane Technologies news, CFO Christopher J. Kuehn sold 8,619 shares of Trane Technologies stock in a transaction that occurred on Wednesday, April 8th. The stock was sold at an average price of $450.00, for a total value of $3,878,550.00. Following the transaction, the chief financial officer directly owned 60,576 shares of the company's stock, valued at $27,259,200. The trade was a 12.46% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO David S. Regnery sold 36,045 shares of the company's stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $422.69, for a total value of $15,235,861.05. Following the transaction, the chief executive officer owned 96,948 shares of the company's stock, valued at approximately $40,978,950.12. This trade represents a 27.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 57,997 shares of company stock worth $25,107,014 over the last quarter. 0.14% of the stock is currently owned by company insiders.

About Trane Technologies

Trane Technologies NYSE: TT is a global climate solutions company focused on heating, ventilation and air conditioning (HVAC) and transport refrigeration systems. The company develops, manufactures and sells a broad range of climate-control products under well-known brands, including commercial and residential HVAC equipment, building management systems and controls, and transport refrigeration units. Its product portfolio spans rooftop and packaged units, chillers, furnaces, air handlers, compressors, and related components designed for commercial buildings, industrial facilities, residences and transportation applications.

In addition to equipment, Trane Technologies provides lifecycle services that include installation, maintenance, parts, retrofit and aftermarket support, as well as digital and controls solutions for building performance and energy management.

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